Closing the data gap towards an efficient remittance market in Latin America and the Caribbean

The project objective is to address systematic data gaps in LAC remittance markets through the collection, analysis and dissemination of market information flows and trends in the region. The LAC section of the web portal RemitSCOPE 2.0 is publicly available now, complementing the Africa section of the portal.

Budget:

Financed: EUR 210,000
Co-Financed: EUR 201,585

Duration: 2024 ~ 2024

Project Category Financial Inclusion
Remittances & Digitalization
Research & Data

Target Groups:

19 central banks and 1 superintendency in LAC (Argentina, Bolivia, Brasil, Chile, Colombia, Costa Rica, Cuba, Ecuador, El Salvador, Guatemala, Guyana, Haití, Honduras, Jamaica, México, Nicaragua, Paraguay, Perú, República Dominicana, Uruguay) that CEMLA currently works with, remittance service providers, international organizations, academia and other interested parties

Programme

FFR Strategic Framework

Project Goals

The project objective is to address systematic data gaps in LAC remittance markets through collection, analysis and dissemination of market information flows and trends in the region. The LAC section of the web-portal RemitSCOPE2.0 is publicly available now, complementing the Africa section of the portal.

Implementing Partners

CEMLA is the Association of Central Banks of Latin America and the Caribbean, created in 1952. CEMLA aims to promote a better understanding of monetary and banking matters in the LAC region, capacity building for regulators, and research and policy engagement in the areas of monetary and financial policies.

Geographic Target

Latin America

Outcomes

In 2023, the project finalised the gathering the required information and creating the datasets required to build an ORMA (Overall Remittances Market Assessment), replicating the structure created by DMAG for Africa. The RemitSCOPE website for Latin America was launched in November 2024.
In 2023, CEMLA also finalized the country diagnostics for Mexico and Dominican Republic. All six planned country diagnostics, plus the regional diagnostic, will be finalized and disseminated to relevant authorities in 2025.